By Bill Zeeble, KERA News
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-876413.mp3
Dallas, TX –
Fort Worth based retailer Pier One Imports, which sells items for the home, is reporting a 3rd quarter profit, in a complete reversal from a year ago. KERA's Bill Zeeble reports.
Pier One says it earned 39 million dollars in the 3rd quarter, demolishing analysts' expectations that the import chain would end up in the red.
That's what it did a year ago, when it lost 37 million dollars in the 3rd quarter.
President and CEO Alex Smith called the results gratifying, saying store traffic & average sales were up and fewer items were marked down. Thanks to the trend, he also said Pier One would close fewer stores than previously announced.
He also predicted positive holiday sales and continued improvements on the bottom line.